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SEC Investigates W. R. Grace Perks: The Securities and Exchange Commission has launched a formal investigation of delayed disclosures by W. R. Grace & Co. about $16 million paid to the late Chairman J. Peter Grace for a chef, limousines and other benefits. The investigation order also covers arrangements by Grace's son to buy a hotel food-service subsidiary with $1.4 million in help from the company, which acknowledged the federal probe in an SEC filing. Disclosures about the insider perks were leaked last spring during management infighting. The cost of J. Peter Grace's jets, limousine, nurses, a chef, club memberships, life insurance and other benefits absorbed by the Boca Raton, Fla.-based company stretched back to 1991, and his son's deal was negotiated in 1993.